Arkansas Advocates offers 'common sense' tax ideas | Arkansas Blog

Monday, April 11, 2016

Arkansas Advocates offers 'common sense' tax ideas

Posted By on Mon, Apr 11, 2016 at 3:16 PM

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Arkansas Advocates for Children and Families, a progressive lobby for families, issued a report today on "common sense" changes to Arkansas budget and tax policy.

In that they'd likely translate into more money, you can imagine the odds of passage in today's legislature. Nonetheless, the key ideas:

* Cut income taxes from the bottom up: Adopt a state earned income tax credit for working families and add a new income tax bracket for those who can afford to pay more.

* Make deductions less generous: Eliminate capital gains tax breaks for the rich and place sensible limits on itemized deductions.

*  Level the playing field for all businesses: Close tax loopholes with combined reporting and make corporations pay their fair share in taxes.

*      Modernize and streamline our sales tax: Eliminate frivolous sales tax exemptions and make smart changes to our fuel tax.

* Use the new revenue to make kids and families a priority: Support quality pre-K; give abused and neglected children the help they need; start after-school and summer programs for kids; reverse cuts to libraries; improve highways and roads without underfunding other programs; and many more.

Tax and spend? Can I get a second?

Here's the full report.

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